Petrol has fallen below 150p a litre for the first time since Russia invaded Ukraine last February, new data shows.
The average price at petrol forecourts on Monday morning was 149.7p, according to data from Experian, with some falling as low as 139.9p.
It means the average cost of a litre of unleaded has fallen by 42p from its record high of 191.5p in July, with the AA saying it is “a huge relief for drivers”.
The last time petrol was at a similar level was on 24 February – the same day Russia invaded Ukraine.
Diesel, while not falling at the same rate, has still dropped by 27p from last July, to an average of 172.2p per litre.
Last March, a 5p cut (6p when VAT is considered) to fuel duty was introduced, which is due to expire in two months.
AA fuel price spokesman Luke Bosdet said the “crash in the average pump price of petrol is a huge relief for drivers, cutting £22.99 from the cost of filling the typical car tank”.
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‘Rampant exploitation of drivers’
Mr Bosdet said that fuel at 150p a litre is “still historically way above the April 2012 record of 142.48p, the previous yardstick of dire pump prices”.
“Worse still, road fuel is set for a 6p jump in March when the fuel duty cut comes to an end,” he added.
“Indicative of the chaos of UK pump pricing and the rampant exploitation of drivers by many fuel retailers, the AA spotted supermarket and non-supermarket retailers yesterday charging less than 140p a litre in South Wales and Northern Ireland.
“How fuel stations in areas of big populations and high volume sales can charge well over 10p more for fuel than in largely rural parts of the UK is a question that the Competition and Markets Authority will have to address.”
Prices sharply rose during 2022, in part due to Russia’s invasion of Ukraine, but also thanks to wider cost of living-driven issues.
Over the summer, there were protests against the sharp rise in fuel, with some motorways seeing rolling roadblocks over the issue, urging the government to take action.
